the economic problem

Question 1

Factors of productions

Answer 1

land, labour, enterprise, capital

Question 2

Limited resources

Answer 2

economic problem - unlimited wants – scarcity – choice is necessary – leads to opportunity cost

Question 3

What is opportunity cost

Answer 3

Opportunity cost is the thing you don’t buy, do you buy the fighter jet or the hospital, if you buy the fighter jet then the hospital becomes the opportunity cost